The two routes, briefly
Until recently, funded options trading barely existed. Now there are two routes. Vanquish Trader is the first firm to fund equity options — calls and puts on stocks and ETFs — directly. Options on futures is the established alternative: options on contracts like the E-mini S&P 500 (ES), funded at major futures firms.
They sound similar but are different instruments with different margin, tax and platform implications. The right choice depends on what you trade today and how much you value a proven payout history.
Vanquish Trader (equity options)
Best if you trade stock and ETF options. Vanquish funds equity options directly on DXtrade, with a 100% profit split, any strike or expiration, and one-step evaluations from $10K–$150K. For an equity-options trader, it is the most natural fit — you trade the exact instruments you already know.
The catch is youth: Vanquish launched in 2024 with a short track record and a small, mixed review base. The upside (a real equity-options firm, 100% split) is paired with higher track-record risk, so start small and confirm a payout before scaling.
Options on futures (Topstep, Apex, etc.)
Best if you trade indices/commodities and value track record. Established futures firms like Topstep and Apex Trader Funding have years of payouts and broad platform support (NinjaTrader, Tradovate, Rithmic), and several can support options on futures depending on the plan.
But you are trading options on futures, not equity options — different underlying, SPAN margin, and often Section 1256 tax treatment in the US. And availability is not guaranteed: confirm options on futures are enabled for your plan and platform before buying.
How to choose
Ask three questions. What do you trade? Stock/ETF options → Vanquish; index/commodity options → options on futures. How much does track record matter to you? A lot → the established futures firms; you accept first-mover risk → Vanquish. Which platform and margin suit you? DXtrade equity options vs NinjaTrader/Tradovate with SPAN margin.
For many traders the deciding factor is simply which instruments they already trade well. The funded account should fit your existing edge — do not switch instruments just to get funded.
The shared caveats
Both routes share the same fundamentals: accounts are simulated until funded and paid, you must pass an evaluation and meet consistency rules, and options carry substantial, sometimes leveraged risk. Newer firms add track-record risk on top.
This is educational, not financial advice. Whichever route you pick, start small, confirm exactly what you can trade in writing, and treat any fee as risk capital — not guaranteed income.
Frequently asked questions
01Vanquish Trader or options on futures — which is better?
02What is the difference between equity options and options on futures?
03Is Vanquish Trader safe given it is new?
04Can I trade stock options with Topstep or Apex?
05Which route avoids the $25,000 day-trading rule?
Related guides
Can You Trade Options With a Prop Firm? (2026)
For years the answer was basically "no". That has changed — here is exactly how funded options trading works in 2026, the two routes available, and what to check before you pay.
Options on Futures Explained (2026)
Options on futures are the most common way funded traders get options exposure. Here is how they work, how they differ from stock options, and how to trade them.
Futures vs Options: Which Should You Trade?
Futures and options are both leveraged derivatives, but they manage risk very differently. Here is how they compare on margin, risk, cost, and which one fits your goals.